Real estate development and private equity outfit acquiring Cross Roads commercial property

First Rock Capital Holdings is building out its Jamaican real estate portfolio through the acquisition of another local commercial property.

The real estate development and private equity outfit has advised that it has entered into a binding agreement to acquire a commercial property in Cross Roads, St Andrew. First Rock has advised the Jamaica Stock Exchange, where its shares are traded that, “the total internal square footage of the property is 13,303 and will represent investment property for the company for lease income”.

Last year, First Rock acquired a prime piece of residential real estate on Bamboo Avenue in the Ligunea area, where it is developing its premier, exclusive, luxury residential development, titled ‘Hambani Estates’ set for April next year. Hambani Estates is a multi-family development, consisting of 12 single-family residences, each on its own subdivided quarter acre lot.

Hambani Estates is an over J$1 billion development, which will be a low density, highly landscaped development with a total of seven 5-bedroom residences and five 4-bedroom residences.

Costa Rican real estate development

Earlier this month, Our Today reported that First Rock Capital Holdings, through its Costa Rican subsidiary, First Rock Capital LATAM S.A. has closed on a major real estate deal in that country.

The development is being executed in partnership with Grupo Inmobiliario del Parque (GIP). The transaction saw First Rock partnering with GIP. Torres Los Yoses is a multi-storey residential development located in Los Yoses, San Jose, Costa Rica.

This development will see over 160 one-bedroom units being developed. The transaction represents the company’s third in the last 18 months, as it continues to increase its asset allocation in Costa Rica.